One of the best businesses to own is E-commerce. It’s one of the most successful ventures that you can do in your career. So, when it comes to E-commerce, you may not know where to start. Today I wanna give you three keys, kinda three lessons.
Number one, when it comes to E-commerce conversion matters a lot. So, you should be constantly measuring your conversion rate on different pages. Your bounce rate, meaning people hit your homepage. Where are you seeing people exiting from your site? Where are you losing people? Now, one of the things that’s notice was that you can be losing a big chunk of the customers at the checkout, right? So they like the product, they click the product, they add to cart, by the time they get to buy, you can lose people.
So, I was saying to myself, okay, this is not good. What could you do? So, then you can add a lot of different things. For example, you can add actual testimonials during the checkout process. Streamlined it and simplified the checkout process. So, you will have a multi-step process. And then, change all of that to make it much shorter. They see the product, they click, if they add to cart, they continue as a guest, that’s fine, all right, credit card information. Instead of so many steps, you shorten it to these many steps. And, sales will dramatically increase. So, conversion matters. You have to measure everything. You’re looking at data, you’re looking at your pages. You have to know exactly what is going on. It is not so much just about the product.
It’s about your customers, visitor’s behavior, right. And when you have got some products that are selling well, make sure you feature those on your homepage. That’s key number one.
Key number two, you need to have a content strategy as well as a paid strategy. In the beginning, especially no one knows why they should come to your store, online store. later on, you spent quite a bit of money optimizing your website for search engine traffic, just organic traffic. So, you create a lot of pages and rank certain keywords in Google so people could find you just organically. So, in the beginning, 90-somewhat percent of your sales can come from paid ads. You can spend a ton of money, right, to get some traction.
But, only 40% comes from paid. So, to do E-commerce I believe if you have your own store, meaning you’re not selling through Amazon ’cause Amazon already has all the traffic. But let’s say you’re not selling through Amazon, you have your own E-commerce store. I believe you need to have a very good organic strategy as well as a paid strategy.
And, the last lesson I wanna share with you when it comes to E-commerce is, inventory kills. Inventory kills. What would kill you the most is you have way too much inventory of products that you don’t sell. Depends on what kinda products you sell, do they expire? Assuming your products don’t expire you’re gonna sit on a lot of products that don’t sell. And, you’re sitting in a lot of cash, right? So, you’ve gotta be very, very careful when it comes to inventory management. So, be very, very careful, very mindful when it comes to inventory.
I would rather have fewer products in the beginning. Test it out to see what your customer, your marketplace likes, right, whoever your audience is. See what they like first, before you go crazy and have so many skews, have so many units and products. Oh, I’m gonna buy 1000 of these, 2000 of these because you’ll be tempted. Wow you know, if I order way more, my cost per unit goes way down. But, what you don’t think about, you don’t consider, factor in is, what if it doesn’t sell? Now, you’re sitting on thousands of something that it doesn’t sell. It becomes a big problem, so inventory kills. And, this is also why I stress if you’re thinking of earning more money before you go out there and start an E-commerce business. You should develop your high-income skill first. You can go watch high-income skill videos. It’s so critical to developing your high-income skill first before you go out there and start that scalable business before you start that E-commerce business.
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